Question

Question #7fe4f

Answer 1

The rate of interest is `=2%`

Explanation:

`(PNR)/100=I`

Where -

`P` - Principal
`N` - Number of years
`R` - Rate of Interest

`I` - Interest amount

`(PNR)/100=I`

Solving the above equation for `R`, we get -

`R=(I xx 100)/(PxxN)= (2400 xx 100)/(10000 xx 12)=2`

The rate of interest is `=2%`